A full investigation has been launched to find out what had caused the ship to sink at its moorings, near Hartley Quay, at 4.30am on Friday.

Zebu was due to be one of the star attractions of the Liverpool Pirate Festival being held at Albert Dock next weekend.

Albert Dock bosses have confirmed the pirate festival will still go ahead.

A spokeswoman for the Albert Dock said on Friday: “We are thankful that the vessel was unoccupied at the time of the sinking and a full investigation is underway as to the cause of the sinking.

“While Zebu will be re-floated, it may or may not be in time for the Liverpool Pirate Festival at the Albert Dock next weekend (September 12 and 13). Liverpool Pirate Festival will go on as planned with live stages, pirate battles and the support of Mersey Heritage Trust with live cannon fire on the water with the other historic tall ships Vilma and Kathleen &amp; May.”

Zebu, which is owned by the Mersey Heritage Trust, was formerly a Baltic timber trader for 30 years and sailed around the world as part of youth development project, Operation Raleigh, in the 1980s.